Regional Business Group Lauds Passage of Trade Deal as a Win for New England Economy
BOSTON – New England Council President & CEO James T. Brett released the following statement today upon the U.S. Senate’s vote to approve the US-Mexico-Canada Agreement (USMCA):
“Today’s vote in the U.S. Senate to approve the USMCA will no doubt have a significant positive impact on the New England economy. With over 600,000 jobs in our region supported by trade with Canada and Mexico, and nearly $13 billion in exports in 2018 alone, the importance of this agreement for our region’s continued growth and prosperity cannot be understated. Beyond the numbers, the USMCA makes important updates to modernize our trade relationship with these key partners to take into account modern day technology and innovation. From provisions to allow for cross-border data flow, to clear guidance on data localization, to protections for intellectual property, this is truly a 21st century trade deal and hopefully a model for future free trade agreements.”
The New England Council has a long history of support for free trade, and approval of the USMCA has been a top legislative priority for the organization. The Council has written to members of the region’s Congressional delegation and published op-eds in regional publications expressing its support for the agreement and outlining its impact on the region, and has brought members representing an array of industries to meet with policymakers on Capitol Hill to advocate for the multi-lateral agreement, which updates the 25-year-old North American Free Trade Agreement (NAFTA).
“The Council is grateful to the New England Senators who voted in favor of approval, and to the members of our region’s House delegation who voted in support of the deal back in December. Today’s development paves the way for the implementation of this new agreement and ensures that our region and our nation will continue to enjoy strong trade relationships with our neighbors to the north and south” Brett added.
For more information on the economic impact of trade with Canada and Mexico on the New England region, including data on exports and employment, please see this FACT SHEET.